DDM Analysis: S58.SI

Valuation Snapshot

Stable Growth	$28.61 - $33.71	$31.59
Multi-Stage	$7.65 - $8.39	$8.02
Blended Fair Value	$19.80
Current Price	$3.39
Upside	484.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-26.78%	-11.14%	0.03	0.00	0.00	0.00	0.00	0.14	0.13	0.12	0.12	0.10
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	5.73%	5.61%	6.76%	14.64%	6.79%
Dividend Yield	-	-	0.96%	0.00%	0.00%	0.00%	0.00%	5.15%	2.64%	2.63%	2.42%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	258.90
(-) Cash Dividends Paid (M)	74.60
(=) Cash Retained (M)	184.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.78	32.36	19.42
Cash Retained (M)	184.30	184.30	184.30
(-) Cash Required (M)	-51.78	-32.36	-19.42
(=) Excess Retained (M)	132.52	151.94	164.88
(/) Shares Outstanding (M)	1,527.44	1,527.44	1,527.44
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	5.30%	5.30%	5.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.61	$31.59	$33.71
Upside / Downside	744.00%	831.87%	894.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	258.90	275.73	293.65	312.74	333.07	354.72	365.36
Payout Ratio	28.81%	41.05%	53.29%	65.53%	77.76%	90.00%	92.50%
Projected Dividends (M)	74.60	113.19	156.48	204.92	259.00	319.24	337.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.30%	5.30%	5.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.49	107.50	108.50
Year 2 PV (M)	138.49	141.13	143.79
Year 3 PV (M)	170.62	175.52	180.51
Year 4 PV (M)	202.88	210.68	218.71
Year 5 PV (M)	235.25	246.62	258.42
PV of Terminal Value (M)	10,837.85	11,361.32	11,904.83
Equity Value (M)	11,691.58	12,242.77	12,814.76
Shares Outstanding (M)	1,527.44	1,527.44	1,527.44
Fair Value	$7.65	$8.02	$8.39
Upside / Downside	125.79%	136.44%	147.48%

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SATS Ltd. (S58.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener